How does the CRA know?????????

Question

How on the earth does the CRA know how much we make? I mean its not listed on any one of the credit reports... My husband is the sole provider and he received numerous raises just this month (promoted 2x this month).. How do they know of the debt to ratio income if we have not told them? If we have not applied for credit in many many months? How does this figure in?
We are trying to raise our score for our house that we are gonna purchase in april of 2008. And trying to understand all aspects of credit....

Answer 1

The fact is that they don't know until somebody tells them. It is up to you to manage your credit properly. That means ensuring that all the information the credit reporting agencies have on you is accurate. If it is not accurate it WILL affect your credit score. If you are trying to purchase a house in April, you need to get started TODAY. Order a copy of your credit report from each of the credit bureaus and make sure ALL the information is accurate. Whatever isn't accurate, tell them about it. If your husband is now making $30 an hour and they show that he is making only $15 an hour, that needs to change, immediately. That information can affect whether or not you get that mortgage. Dispute any negative information, you may get lucky and it will be taken off. Find any reason that you can think of to claim that it is inaccurate. They have 30 days to investigate your claims. And they WILL take every one of those 30 days. That is why you need to get started today. Get on the phone right now and order your credit reports or order them online. But do it NOW! If you delay even one day, it can affect your interest rates on the mortgage.

If you have any questions about credit issues, you may email me at [e-mail]